Bulgaria's Fiscal Reserve Shrinks to BGN 3.8 B

GERB MP Menda Stoyanova, chair of the Parliamentary budget committee. Photo by dnevnik.bg

Bulgaria's fiscal reserve has decreased to BGN 3.8 B, the chair of the country's Parliamentary budget committee Menda Stoyanova has revealed.

The fiscal reserve has dropped by BGN 1.2 B since December, Stoyanova said. However, she clarified that the decrease has been due to advance payments for agriculture producers and for the external debt, explaining that the money will be compensated over the following months.

Former Finance Minister Plamen Oresharski, who is now an MP with the left-wing oppositional Bulgarian Socialist Party, voiced his concerns regarding the decreasing state fiscal reserve.

"Over the last two and a half years, the internal debt has increased by BGN 2 B, while the fiscal reserve has decreased by BGN 3 B to BGN 4 B," Oresharski stated, concluding that the centrist-right GERB government has spent between BGN 5 B and BGN 6 B completely aimlessly.

At the end of August 2011 the fiscal reserve stood at BGN 4.9 B, meaning it there is shortage of funds in the 2012 budget, the cabinet could use about BGN 2 B.

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